Amendment of the Principal RegulationsI17

In regulation 19 (additional voluntary contributions)—

a

after paragraph (5) insert—

5A

The maximum a member may specify under paragraph (3)(a) or notify as a varied amount under paragraph (5) in respect of each employment for which the member makes an election is 50% of the pensionable pay of that employment in each pay period or an amount equal to 50% of the pensionable of that employment in each pay period.

b

in paragraph (7)—

i

after “or regulation 36 (early payment of pension on ill-health grounds: active members)” insert “or regulation 37 (early payment of pension on ill-health grounds: deferred members)”; and

ii

at the end of sub-paragraph (a) for “; or” substitute “; and”;

c

for paragraph (8), substitute—

8

Where a member chooses to take some or all of the benefits referred to in paragraph (7) in the form of lump sum, that sum shall not result in the total lump sum payable to the member exceeding 25% of the capital value of LGPS benefits taken at that crystallisation event and forms part of the total amount referred to in regulation 34(2) (election for lump sum instead of pension).

d

for paragraph (10) substitute—

10

A member may transfer the realisable value in a deferred AVC account to another registered pension scheme or qualified recognised overseas pension scheme.

e

in paragraph (12) after “the Committee shall” insert “at its discretion”.